Japan's Nominal Wage Growth Reaches 4.7% in July, Highest Since 1997

According to data from Japan's Ministry of Labor, nominal wages rose by 4.7% year-on-year in July, marking the largest increase in nearly 30 years and exceeding economists' predictions of 3.8%. This marks the sixth consecutive month of wage growth exceeding 3%, setting a record for the longest streak in 34 years. After adjusting for inflation, real wages increased by 2.4%, the largest rise in five years. Base wages grew by 4.1%, while real wages for full-time employees rose by 2.7%. Strong economic data has heightened market expectations for a rate hike by the Bank of Japan this month, with the market largely pricing in expectations for an interest rate increase at next week's central bank meeting, and some investors anticipating further tightening of monetary policy.

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